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Neve Fund II Investing in Chacle Innovation

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Neev Fund II, a sustainability and SME-focused fund managed by SBICap Ventures, is heading to Chakr Innovation, an emission control device manufacturer that reduces pollution at sources and captures harmful particulate matter emissions. Announced the first investment in a private amount as Series B growth capital.

Chakr Innovation was started by two IIT Delhi engineers Kushagra Srivastava and Bharti Singhla who were passionate about solving the threat of air pollution in major cities in India.

Delhi Air Pollution: Smoke and Mirrors

India’s National Clean Air Program (NCAP) and National Green Tribunal (NGT) have identified diesel generator sets as a major source of particulate matter. Recently, eight states have announced that all operational DG sets with capacities of 125 KVA and above will need to be retrofitted with emission controls or migrated to gas-based generators.

The notice stipulates that modified emission controls should have a minimum designated particulate matter capture efficiency of at least 70 percent. Chakrs technology helps the industry reduce emissions, stay compliant and drive positive environmental change.

SMEs focused on clean technology

The Neev Fund II was announced at the EU-India Summit and has already secured the support of the European Investment Bank (EIB), the Department of Foreign Affairs and Federal Development, the UK Government and the Bank of India State (SBI). It aims to provide growth and expansion capital for SMEs working on domestic raw materials, water, clean energy, sustainable mobility and efficient use of the circular economy.

Make companies respond to climate change

Akshay Panth, Principal of Neev Funds, said: Chakr has emerged as a mission-driven clean technology company that transforms the pollution risk issue of energy managers. Chakr is part of a new league of small businesses focused on clean technology that is shaping the fight against climate change. Neve is pleased to be able to take part in a journey to help the chakras develop new markets and products.

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